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Page 2 of 22 <br />City of Redwood City 1017 Middlefield Road, Redwood City, CA. 94063 Tel: 650-780-7000 www.redwoodcity.org <br />status of FY 2024-25 goals, to approve amendments to the current fiscal year’s budget, and to make <br />recommendations for developing next fiscal year’s budget. <br />1. This report is organized in six sections: Budget Updates: FY 2023-24 Year-End and FY 2024-25 Mid- <br />Year General Fund Updates <br />2. Goals Progress: Mid-Year Update on the Status of FY 2024-25 Goals <br />3. Budget Amendments: FY 2024-25 Mid-Year Budget Amendments, including related updates to the FY <br />2024-25 FTE Table <br />4. Economic Update <br />5. Preliminary Ten-Year Forecast Update <br />6. Proposed Framework and Timeline for Developing FY 2025-26 Recommended Budget <br />ANALYSIS <br />The City Council determines necessary service and sets service levels based on community needs and <br />City resources. The City Council has a history of taking intentional, proactive, and strategic steps to <br />ensure services are sustainable for the long term. This includes adopting a balanced annual budget, <br />funding long-term needs, and maintaining a 15 percent General Fund reserve level. Financial planning <br />also takes the form of continuous review and refinement of fiscal policies and forecasts, and an <br />understanding of the citywide initiatives underway. <br />1. Budget Updates: FY 2023-24 Year-End and FY 2024-25 Mid-Year General Fund Updates <br />The City anticipates finalizing its FY 2023-24 Annual Comprehensive Financial Report (ACFR) in March, <br />at which time the final operating results for FY 2023-24 will be published. The FY 2024-25 Adopted <br />Budget, approved by City Council on June 24, 2024, included a Ten-Year General Fund Forecast that <br />projected a $1.319 million FY 2023-24 ending deficit and a $20.890 million operating balance. The <br />operating balance was to be used to offset projected operating deficits in FY 2024-25 and FY 2025- <br />26. <br />Currently, the preliminary operating results for the year-end FY 2023-24 project a $16.682 million <br />surplus and a $38.891 million operating balance, or an $18-million improvement over what was <br />projected in the Ten-Year General Fund Forecast in June 2024. This is depicted in Table 1. <br />8.A. - Page 2 of 70 <br />167